Re: Chase Liquid pre-paid card

The Chase Liquid is geared to those that do not want or that do not qualify for traditional checking accounts for a number of reasons. (i.e.. chexstems, teletrack, discharged accounts at other financial institutions). Customers that get the Liquid can eventually obtain a traditional checking account. The Liquid does not help you transition to Chase credit card products.

Re: Chase Liquid pre-paid card

The Chase Liquid is geared to those that do not want or that do not qualify for traditional checking accounts for a number of reasons. (i.e.. chexstems, teletrack, discharged accounts at other financial institutions). Customers that get the Liquid can eventually obtain a traditional checking account. The Liquid does not help you transition to Chase credit card products.

There's no guaruntee of that, it's simply unstated like so many other things in the financial world. I didn't see mention of that when I skimmed their FAQ.

I don't understand this card although visually it looks pretty cool: $4.95/mo? Why consider it over the Amex prepaid at all unless you can't do anything else but put cash into an ATM... and I have to believe nearly everyone can find a checking account somewhere if they look hard enough.

Re: Chase Liquid pre-paid card

As an industry insider, I will say again that the Chase Liquid Prepaid card was not designed to help customer transition into Chase credit card products. This card was designed to help customers with budgeting/spending and those that abused accounts with financial institutions previously. Chase prepaid and credit are two separate departments within JP Morgan Chase that function independently.

The $4.95 monthly fee is among the lowest in the industry. What sets Chase apart from other prepaid card providers is their number of ATM's, the ability to walk into a branch and talk to an actually person and you can use the chase mobile app with the Liquid. You'd be surprised at the number of people that cannot qualify for a basic checking account.

Re: Chase Liquid pre-paid card

Not certain on that last point, I've worked both in subprime lending and now on a project for a subprime insurance broker, payments come from all sorts of random places I've never heard of, though I agree for the big 5ish there's lots of people who can't get one, though admittedly there's a lot of people in the underbanked category which simply don't have a checking account period for whatever reason.

If Chase manages to get into with that sector where it's still blue-water competition, then you're probably right, but if there's traction on this card (and others like it), why won't someone (Amex) cut a deal with say BOFA or another national bank with lots of ATM's and undercut that 4.95 service fee?

Have you seen the financials on how much the prepaid cards are actually making service wise? They haven't been out for that long but I haven't gone looking for the data. Interesting stuff though.

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